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COPL looks forward to appraisal activity in Nigeria

“We envision building a mid-tier oil and gas company with the support of our partner Shoreline Energy, one of Nigeria`s largest conglomerates, our financing partners and our loyal shareholders”

Offshore oil rig
COPL could drill four wells for an early production scheme

Canadian Overseas Petroleum Limited (LON:COPL) boss Arthur Millholland told investors that the company is looking forward to an upcoming appraisal of the NOA oil discovery within the OPL 226 area offshore Nigeria.

"The past 12 months, our focus was, and continues to be, on developing our highly prospective oil appraisal and development project at OPL 226,” he said.

READ: COPL lands new Mozambique project, updates on Nigeria progress

An appraisal well is planned for NOA and, if successful, could be brought online as part of an early production scheme, Millholland highlighted. Three further wells could be sunk as part of the early production scheme, which would precede a full development of the field.

“In the meantime, our team continues to review additional prospects in an effort to identify other exciting opportunities that fit our selective criteria,” the COPL chief executive said.

“We envision building a mid-tier oil and gas company with the support of our partner Shoreline Energy, one of Nigeria`s largest conglomerates, our financing partners and our loyal shareholders.”

He added: “While we recognise that everything is taking much longer than we initially estimated, our preparedness, enthusiasm and persistence have not diminished one little bit."

Quick facts: Canadian Overseas Petroleum Limited

Price: 0.185 GBX

LSE:COPL
Market: LSE
Market Cap: £9.01 m
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Canadian Overseas Petroleum's Nigeria financing 'coming together'

Arthur Millholland, chief executive of Canadian Overseas Petroleum Limited (LON:COPL CVE:XOP), discusses with Proactive's Andrew Scott the progress being made towards financing the development of the OPL226 licence offshore Nigeria. COPL’s  50% owned joint venture company Shorecan...

on 08/01/2018

2 min read